tax planning

TAX PLANNING

At Hendricks & Owens we assist clients in identifying potential tax consequences, offering advice on minimizing taxes and working to implement the most beneficial options. We can aid in business entity selection as well as other business tax questions. We help guide individuals, corporations, limited liability companies, and tax-exempt entities in areas such as federal, state and local tax planning, employee benefit taxation, the tax aspects of profit allocations, income tax planning as well as the U.S. federal tax consequences of international business operations. We also provide representation on tax controversies such as criminal matters, audit defense, administrative hearings and Internal Revenue Service appeals, and tax court and district court complaints.

Another big tax issue we can help with involves non-profits, and helping them maintain their non-profit status, while still being able to receive donations. 


1031 Exchanges

Hendricks & Owens can also help as an exchange agent for 1031 exchanges. A 1031 exchange is a way to defer certain capital gains on investment properties. As the 1031 exchange agent we can assist along the way and have insights on a taxpayer’s options that other exchange agents are not able to help with. Our fees are reasonable, and we help you throughout the process. We have even filed the necessary tax documents with the IRS to defer this capital gains income if that is not something your accountant does. 


Taxes

Property that is transferred or sold for gain is subject to taxation. Through a properly executed exchange facilitated by our firm, investors can hold onto their equity without being subject to heavy capital gains taxes, ordinary income tax or depreciation recapture. If you exchange investment property for “like-kind” property, there is no immediate tax liability. This makes an exchange an appealing option for investors eager to retain the property’s equity for re-investment. It is the best government interest-free loan out there!


Investment Diversity

1031 Exchanges also allows investors the ability to regionally diversify their investments. For example, an investment condo in Palm Springs can be exchanged for a strip mall in New Jersey and an apartment building in Denver, Colorado. Investors who accumulate numerous diversified investment properties over time often find managing a group of properties cumbersome. Through a 1031 exchange facilitated by our attorneys, a group of properties can be exchanged for a single property, simplifying property management.


Inheritance

A common challenge among families who inherit a substantial piece of real estate is agreeing on what to do with the property long-term. 1031 Exchanges through Hendricks & Owens provide      families the opportunity to acquire several properties in exchange for one large property. This helps each family member realize their individual investment goals.


Our Mission

Our goal is simple, it is to help your growing business with legal needs you may have while taking the time to educate you along the way. Whether you are starting a small business or you run a large corporation, we will be there to answer your questions.